|By PR Newswire||
|April 15, 2014 10:20 PM EDT||
MONTREAL, April 15, 2014 /CNW Telbec/ - Hybrid Paytech World (the "Company" or "Hybrid") (CSE: HPT) (OTC: FPOTF) a leader on Mobile Credit and PIN Debit payment solutions, announces the following:
Closing of $ 1,500,000 Financing
The Company has completed the first tranche of the private placement out of the $ 4,000,000 authorized financing previously announced on April 7st, 2014 involving the issuance of unsecured convertible debentures totalling $1,500,000 (the "Debentures"). The proceeds received from the private placement will be utilized to support project deployments of Company's solutions and for working capital. The Debentures will mature on September 30, 2016 (the "Maturity Date") and will accrue interest at a rate of 10% per annum. The Debentures shall be convertible at the option of the holder or the Company into common shares of the Company (the "Shares") on or prior to the Maturity Date. The conversion price is set at $1.00 per common share and will contain a ratchet provision discounting the conversion price by up to 25% of the Common Share issuance price or of conversion price of convertible debentures for any new future financings,. For each common share issued pursuant to the conversion, the holder shall be entitled to ¾ common share purchase warrants at an exercise price of $1.45 expiring twenty-four (24) months from their issuance. The Debentures and the common share purchase warrants will not be listed on the CSE, however the Common Shares issuable upon conversion will be listed and will be subject to a four month hold period from the date of closing.
Status Report on Management Cease Trade Order
Further to its news releases dated March 18, 2014 and April 1, 2014, the Company has received a management cease trade order ("MCTO") from the Autorité des Marchés Financiers ("AMF") the Company`s principal regulator on March 21 2014 in accordance with National Policy 12-203 Respecting Cease Trade Orders for Continuous Disclosure Defaults (NP "12-203").
The Company applied for the MCTO once it was determined that it would be unable to refile and restate the annual audited consolidated financial statements of the Company for the fiscal year ended December 31, 2012 and the condensed interim consolidated financial statements for the three- and nine-month periods ended September 30, 2013, as well as the related management discussion and analysis (MD&A) (the "Outstanding Materials") which the Company had previously undertook to restate and refile.
The MCTO imposes trading restrictions on securities of the Company, whether direct or indirect by certain members of management of the Company as well as insiders and remains in effect until the Outstanding Materials are filed. All other parties are permitted to trade freely in the Company's securities
The Company's former auditors who were engaged to audit the 2012 restated consolidated financial statements are in the completion stages of the audit, which have taken longer than anticipated due to the number of material subsequent events which occurred after December 31, 2012. As such, the Company anticipates that it will be in a position to file the Outstanding Materials by April 21, 2014. The Company intends to comply with the provisions of the alternative information guidelines set out in NP 12-203 ("AIG") for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.
Pursuant to the requirements of the AIG, the Company reports that, since the issuance of the default announcement on March 18, 2014 and the status report filed via press release on April 1st, 2014 there has not been any material change to the information provided therein, nor has there been any failure by the Company in fulfilling its stated intentions with respect to satisfying the AIG. As disclosed in the March 18, 2014 press release, the Company anticipates that it will be unable to restate and refile annual audited consolidated financial statements of the Company for the fiscal year ended December 31, 2012 and the condensed interim consolidated financial statements for the three- and nine-month periods ended September 30, 2013, as well as the related management discussion and analysis and CEO and CFO certificates. There has not been any other specified default by the Company under NP 12-203 and there is no material information concerning the affairs of the Company that has not been generally disclosed.
About Hybrid PayTech World Inc.
The Company develops an Enterprise Ready Mobile Payment Platform for the leading OS's (IOS, Android, BB and Windows 7). The Company's subsidiary, First Equity Strategy LLC, markets itself with the DBA: HybridPaytech. Visit www.hybridpaytech.com and click on our corporate video presentation http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
HybridPaytech based in Montreal, Canada, is a technology leader in the mobile payment space for credit and debit acceptance. With a global footprint, Hybrid is an enabler of easily-deployable payment systems focusing on authentication, approved security and quick merchant adoption in Fleet, Delivery, Logistics and Retail. With its current banking and fund-transferring partnerships, HybridPaytech has market access to over three million merchants worldwide. For more information on HybridPaytech, please visit www.hybridpaytech.com / www.hybridpos.com Certain statements in this document, including those which express management's expectations or estimations with regard to the Company's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.
SOURCE Hybrid PayTech World Inc.
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 7, 2016 06:45 PM EST Reads: 136
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Feb. 7, 2016 05:15 PM EST Reads: 314
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 7, 2016 04:45 PM EST Reads: 185
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Feb. 7, 2016 04:15 PM EST Reads: 257
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 7, 2016 03:30 PM EST Reads: 370
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 7, 2016 02:45 PM EST Reads: 138
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 7, 2016 02:00 PM EST Reads: 555
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 7, 2016 02:00 PM EST
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 7, 2016 01:45 PM EST Reads: 360
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 7, 2016 01:30 PM EST
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 7, 2016 01:15 PM EST Reads: 182
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 7, 2016 01:00 PM EST Reads: 331
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 7, 2016 01:00 PM EST Reads: 149
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 7, 2016 12:00 PM EST Reads: 343
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
Feb. 7, 2016 11:45 AM EST Reads: 127